Rent vs Buy in New Jersey
Compare 15 cities across New Jersey. Find out whether renting or buying makes more financial sense in your area.
15cities analyzed
Avg Home:$530,837
Avg Rent:$2,447/mo
Avg Price/Rent:18.0
New Jersey Housing Market Summary
15
Cities Analyzed
0
Favor Buying
15
Favor Renting
0
Toss-Up
Across New Jersey's 15 analyzed cities, the majority (15 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of New Jersey.
The average home price in New Jersey is $530,837, with average rents at $2,447/month. This gives an average price-to-rent ratio of 18.0.
$Most Affordable Cities
$$Most Expensive Cities
All New Jersey Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Newark | $635,686.02 | $2,305.06 | 23.0 | N/A | Rent |
| Jersey City | $617,352.12 | $2,911.9 | 17.7 | N/A | Rent |
| Paterson | $574,942.32 | $2,281.68 | 21.0 | N/A | Rent |
| Elizabeth | $614,241.42 | $2,589.68 | 19.8 | N/A | Rent |
| Lakewood | $527,692.35 | $2,734.71 | 16.1 | N/A | Rent |
| Trenton | $431,761.35 | $2,513.98 | 14.3 | N/A | Rent |
| Camden | $343,117.02 | $2,046.83 | 14.0 | N/A | Rent |
| Passaic | $574,942.32 | $2,281.68 | 21.0 | N/A | Rent |
| Union City | $617,352.12 | $2,911.9 | 17.7 | N/A | Rent |
| East Orange | $635,686.02 | $2,305.06 | 23.0 | N/A | Rent |
| Bayonne | $617,352.12 | $2,911.9 | 17.7 | N/A | Rent |
| Vineland | $268,278.6 | $1,718.04 | 13.0 | N/A | Rent |
| New Brunswick | $567,497.34 | $2,544.22 | 18.6 | N/A | Rent |
| Perth Amboy | $567,497.34 | $2,544.22 | 18.6 | N/A | Rent |
| Atlantic City | $369,149.81 | $2,109.05 | 14.6 | N/A | Rent |
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